\u3000\u3000 Wuxi Nce Power Co.Ltd(605111) (605111)
The total number of equity incentive reached 141. On December 7, 2021, Wuxi Nce Power Co.Ltd(605111) announced the 2021 restricted stock incentive plan (Revised Draft). The number of restricted shares to be granted to the incentive objects in the incentive plan is 1416800 shares, accounting for about 1% of the total share capital of the company at the time of announcement of the incentive plan. Among them, 1216500 restricted shares were granted for the first time, accounting for about 0.86% of the total capital stock of the company at the time of announcement of the draft incentive plan, and about 85.86% of the total number of restricted shares to be granted in the plan; The number of reserved restricted shares is 20300, accounting for about 0.14% of the total capital stock of the company at the time of announcement of the draft incentive plan, and about 14.14% of the total number of restricted shares to be granted in the plan.
On December 23, 2021, the company announced the announcement on the first granting of restricted shares to the incentive objects of the restricted stock incentive plan, in which the equity incentive rights and interests were granted on December 22, 2021, and the number of equity incentive rights and interests granted was 1216500 shares.
The total number of incentive objects granted by the incentive plan is 141, and the grant price of restricted shares granted to incentive objects by the incentive plan is 84.25 yuan / share.
The restricted shares granted under the incentive plan shall be released in two phases after 12 months from the date of completion of grant registration, and the proportion of release shall be 50% and 50% respectively.
The annual performance evaluation of restricted shares granted for the first time in the incentive plan is as follows: the first and second release periods are 2022 and 2023 respectively, and the company’s operating revenue is not less than RMB 1.6 billion and RMB 1.8 billion; If some reserved restricted shares are granted in 2023, the performance assessment objectives of each year are: the first and second release periods are 2022 and 2023 respectively, and the company’s operating revenue is not less than RMB 1.8 billion and RMB 2 billion in 2023.
The closing price on the grant date is 184.33 yuan and the grant price is 84.25 yuan. The impact of the restricted shares granted for the first time in the incentive plan on the accounting cost of each period is as follows: the total amortization expense corresponding to the number of 1.1265 million shares granted for the first time is 122 million yuan, of which the expenses in 2022 and 2023 are 91 million yuan and 30 million yuan respectively.
Wuxi Nce Power Co.Ltd(605111) is an excellent manufacturer of power devices in China. The company’s main business is the R & D, design and sales of semiconductor chips and power devices such as MOSFET and IGBT. The products sold can be divided into chips and power devices according to whether they are packaged or not. Through continuous independent innovation, the company has a number of core technologies in the design and R & D of grooved power MOSFET, superjunction power MOSFET, shielded gate power MOSFET and IGBT. The company’s products are advanced and complete, and are widely used in consumer electronics, automotive electronics, industrial electronics, new energy vehicles / charging piles, intelligent equipment manufacturing, Internet of things, 5g, photovoltaic new energy and other fields.
Wuxi Nce Power Co.Ltd(605111) made a breakthrough in many large customers. Leading customers in downstream application fields that the company has entered include: Byd Company Limited(002594) , Contemporary Amperex Technology Co.Limited(300750) , Dajiang innovation, Zte Corporation(000063) , Foxconn, TTI, Sungrow Power Supply Co.Ltd(300274) , Ningbo Deye Technology Co.Ltd(605117) , Shenzhen Topband Co.Ltd(002139) , Great Wall Motor Company Limited(601633) , Huabao energy, Desai Lanwei, Sunwoda Electronic Co.Ltd(300207) , Kehua Data Co.Ltd(002335) , Shenzhen Sosen Electronics Co.Ltd(301002) , Leedarson Iot Technology Inc(605365) shares, Haier, Midea, No. 9 company, Guangzhou Shiyuan Electronic Technology Company Limited(002841) , TP-LINK, Xingheng power supply, Yushi technology, baoside Deshuo industry, Scud, gosbao, Jin Shengyang, Shanghai Bright Power Semiconductor Co.Ltd(688368) , Wuxi Jinghui, Ecovacs Robotics Co.Ltd(603486) , Changshu Tianyin Electromechanical Co.Ltd(300342) , Zhejiang Dahua, etc.
Wuxi Nce Power Co.Ltd(605111) deeply layout the IGBT industry. With the help of the company’s core supplier Huahong Hongli’s 8 + 12 inch advanced characteristic technology, the company’s IGBT has made great progress. At present, it has made breakthroughs in photovoltaic inverter, energy storage inverter (UPS), industrial control, electric tool motor drive, household appliance frequency conversion control and other industries, and has carried out close cooperation with leading enterprises in relevant industries. In addition, the company’s IGBT module has obtained orders from some customers since the launch of relevant products in the second quarter. In the first half of 2021, the company’s IGBT products achieved a sales revenue of 26.4222 million yuan, an increase of 1114.60% over the same period of last year.
IGBT platform: 1) 12 inch 1200V IGBT currently has five series of IGBT products with different characteristics in mass production; 2) 1200V IGBT power integration modules (PIM) for industrial frequency conversion and industrial inverter are successively produced and sold in batches; 3) The low loss and high frequency IGBT Series products specially developed for the photovoltaic energy storage market have passed the tests of many industries on behalf of customers and received batch orders from customers; 4) 1700V 450A and 600A IGBT power modules have passed the customer function test and are undergoing aging test.
Wuxi Nce Power Co.Ltd(605111) the three MOSFET product lines maintain rapid growth:
1. Super junction power MOSFET (sj-mosfet): the company is working on the fourth generation sj-mosfet platform
At the same time, it has realized the development and mass production of sj-mosfet on the 12 inch platform, and completed the delivery in large quantities, especially in the industries such as charging pile, server power supply, plant lighting and TV power supply. In the first half of 2021, the sales revenue of sj-mosfet products was 59.4309 million yuan, an increase of 27.72% over the same period of last year. Sj-mos platform: 1) 650V and 700V products in the fourth generation of super junction products have been developed, and the characteristic on resistance of the products is more than 20% lower than that of the third generation of super junction products with the same voltage; At present, it has passed the test of many customers and started mass production step by step. 2) Six products of 12 inch sj-mos have been produced stably in mass, with an average CP yield of more than 98%; 3) 200V over junction products have passed the 1000 hour reliability assessment and are qualified for mass production.
2. Shielded gate power MOSFET (sgt-mosfet): the company’s Sgt MOSFET platform is the product process platform that replaces the largest number of products of world-class manufacturers among the company’s medium and low voltage products. In the first half of 2021, the company’s Sgt MOSFET mainly focuses on automotive electronics (including new energy vehicles), 5g base station power supply, industrial power supply, new energy storage battery, lithium battery protection Power tools, plant protection UAVs, plant lighting and other high-end industries, and achieved mass sales. Most of the industry benchmark customers have used the company’s products in large quantities in the first half of the year. Thanks to the large-scale release of 12 inch Sgt MOSFET capacity, the company achieved a sales revenue of 266.314 million yuan in the first half of 2021, an increase of 154.38% over the same period of the previous year.
Sgt-mos platform: continue to promote the development and expansion of 12 inch product line. 12 inch has completed the research and development of sgt-mos products of 5 voltage platforms, and the number of products has reached more than 30, of which 3 voltage platforms have entered the mass production stage and 2 voltage platforms have entered the risk verification stage; 12 inch products have successfully entered the leading enterprises in new energy vehicles, electric tools, lithium battery protection, high-end power supply and other industries. At the same time, we continued to promote key core technology research and product iteration, achieved mass production of second-generation sgt-mos products of multiple voltage platforms, and made breakthroughs in some voltage platforms. 60V ~ 120V second generation Sgt MOS continues to expand its specifications and models, and its product quantity has increased to more than 150 models; The quality factor fom (RDSON * QG) of 30V second generation sgt-mos products has been greatly reduced and entered the risk verification stage. The newly developed high reliability sgt-mos products meet the requirements of the communication industry, enter the mass production stage, and have been successfully introduced into leading enterprises in high-end application industries such as new energy vehicles, communications and UAVs.
3. Trench type power MOSFET: as the company’s mature device with the longest mass production time
Process platform: in the first half of 2021, most products were mass produced on the 12 inch platform, and the technical upgrading of the characteristic p-Mos of the 8-inch factory was further improved. In the first half of 2021, the process platform focuses on meeting the supply needs of industrial frequency conversion, track power supply, intelligent wear, Siasun Robot&Automation Co.Ltd(300024) , garden tools and other industries. In the first half of 2021, the company realized a sales revenue of 322739400 yuan for trench MOSFET products, an increase of 40.14% over the same period of last year.
Trench MOS platform: on the 12 inch chip OEM line, the company has developed 6 product platforms of n20v ~ n80v, and added nearly 30 series products of each platform, which has greatly alleviated the supply pressure; In the future, n100v ~ n150v product platform and series products will be developed to expand product models and meet various product needs of customers. On the 8-inch chip OEM line, the company’s newly developed low-voltage CSP product platform has broken the monopoly of international manufacturers and has completed client verification. In the future, the development of this series of products will continue to be strengthened to meet various application requirements of battery management system in mobile intelligent terminals and wearable devices. In addition, the company continues to improve and expand the performance and product series of P60 ~ p150v platform products to further consolidate the company’s leading edge in the field of PMOS.
Wuxi Nce Power Co.Ltd(605111) continued research and development in the third generation semiconductor power device platform and drive IC product platform.
1. Third generation semiconductor power device platform: at present, 1200V SiC MOSFET for new energy vehicles and GaN HEMT for 650vpd power supply are in the stage of streaming verification in chip foundry at home and abroad, and are progressing smoothly.
2. Drive IC Product Platform: in order to better meet the needs of end customers for power devices and overall solutions, the company has set up a project to develop IC series products for controlling and driving power switching devices (MOSFET / IGBT / sicmosfet / GaN HEMT). At present, the establishment of IC R & D team has been completed and cooperative relations have been established with many chip foundries, Several IC products have been developed, and related products are in the customer verification stage. It is expected that these products will become a new performance growth point of the company.
Profit forecast, valuation and rating: considering the impact of MOSFET price rise, the gross profit margin increased from 28% of 20q4, 34% of 21q1 and 40% of 21q2 to 42% of 21q3; In addition, considering the continuous contribution of the breakthrough progress of IGBT’s new business to revenue, we raised the forecast of Wuxi Nce Power Co.Ltd(605111) net profit attributable to parent in 2021-2022 to 4.17 (101.67%) and 534 (83.75%) million yuan respectively, the forecast of new net profit attributable to parent in 2023 to 674 million yuan, and the PE corresponding to the current market value to 53x, 41x and 33x respectively. We maintain a “buy” rating.
Risk tips: technology and product R & D risks; Trade environment impact
